Tarsus Pharmaceuticals (TARS) Goldman Sachs 45th Annual Global Healthcare Conference summary

Product overview and market opportunity

• Xdemvy is an FDA-approved eye drop for Demodex blepharitis, a prevalent disease affecting about 25 million in the US, with a broad label and high efficacy (85% improvement in clinical studies).

• The drug targets the root cause by eradicating Demodex mites, offering a six-week treatment with a strong safety profile.

• Initial focus is on 1.5 million diagnosed patients, with expansion potential into dry eye, cataract surgery, and contact lens wearers.

• Additional studies are underway to generate real-world evidence and support broader adoption.

Launch performance and prescriber dynamics

• Launch has exceeded expectations, driven by early disease education, ease of diagnosis, and strong patient outcomes.

• Over 8,000 of 15,000 targeted eye care professionals have prescribed, with more than half as repeat prescribers; optometrists currently account for 60% of prescribers.

• Adoption varies: early adopters prescribe quickly, while others require multiple sales visits and positive patient outcomes before repeating.

• Most prescriptions are for diagnosed DB patients, but anecdotal evidence shows use in overlapping conditions.

Sales, growth, and retreatment trends

• Q4 revenue was $13M, rising to $24.7M in the most recent quarter.

• Growth is measured by new patients, as refills are not yet a factor; retreatments are expected to begin after 12 months based on clinical data.

• Current retreatment rates are below 5%, with most patients expected to return annually.